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PTTEP sells Oman subsidiary

By  AOG Staff Monday, 22 August 2016 23:59
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Thai national energy company PTT Exploration and Production (PTTEP) will sell its Oman subsidiary, PTTEP Oman (PTTEP OM) to ARA Petroleum LLC.

PTTEP OM holds 100% interest in the Oman 44 project, a natural gas and condensate field located onshore to the west of Muscat with the acreage of 1162sq km.

The project has been on commercial production since 2007, with an average output of 19 Mcf/d of natural gas and 904 bbl/d of condensate in Q2 2016.

The sale of PTTEP OM is a part of PTTEP’s efforts on portfolio rationalization, while the company continues to explore for new investment opportunities in Oman.

In this respect, PTTEP has signed a memorandum of understanding (MOU) with Oman Oil, the national oil company of Oman, seeking co-investment opportunities in areas of mutual interest.

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